Marketing decision making

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Marketing decision making

  1. 1. Chapter 3 Marketing Decision Making and Case Analysis
  2. 2. Decision Making <ul><li>Define the Problem </li></ul><ul><li>Enumerate the Decision Factors </li></ul><ul><li>Consider Relevant Information </li></ul><ul><li>Identify the Best Alternative </li></ul><ul><li>Develop a Plan for Implementing the Chosen Alternative </li></ul><ul><li>Evaluate the Decision and the Decision Process </li></ul>
  3. 3. Define the Problem <ul><li>objectives of the decision maker </li></ul><ul><li>constraints </li></ul><ul><li>success measure or goal for assessing progress towards solving the problem </li></ul>A well-defined problem outlines the framework within which a solution can be derived, including:
  4. 4. Enumerate the Decision Factors <ul><li>alternative courses of action (controllable) </li></ul><ul><li>uncertainties in the competitive environment (uncontrollable) </li></ul>Two factors must be enumerated:
  5. 5. Consider the Relevant Information <ul><li>characteristics of the industry or competitive environment </li></ul><ul><li>characteristics of the organization </li></ul><ul><li>characteristics of the alternatives </li></ul>A Situation Analysis has been completed at the end of this step.
  6. 6. Develop a Plan for Implementing the Chosen Alternative <ul><li>resource allocation and timing </li></ul><ul><li>strategy formulation </li></ul><ul><li>strategy implementation </li></ul>
  7. 7. Evaluate the Decision and the Decision Process <ul><li>Did I define the problem accurately ? </li></ul><ul><li>Did I identify all pertinent alternatives and uncertainties? Were my assumptions realistic ? </li></ul><ul><li>Did I consider all information relevant to the decision ? </li></ul><ul><li>Did I recommend the appropriate course of action ? </li></ul><ul><li>Did I consider how my recommendation could be implemented ? </li></ul>
  8. 8. Case Analysis <ul><li>Don’t rush to a conclusion </li></ul><ul><li>Don’t work the numbers until you understand their meaning </li></ul><ul><li>Don’t confuse supposition with fact </li></ul>Approaching the Case
  9. 9. <ul><li>nature of the industry, market, and buying behavior </li></ul><ul><li>the organization </li></ul><ul><li>a plan of action </li></ul><ul><li>potential outcomes </li></ul>Case Analysis Formulating the Analysis
  10. 10. <ul><li>class discussion </li></ul><ul><li>group presentation </li></ul>Case Analysis Communicating the Analysis

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